在这项研究中,我们扩大了最近激烈的辩论,将符合伊斯兰教法的股票的表现与不符合伊斯兰教法的股票的表现进行了比较,特别是在新冠肺炎冲击期间。与现有文献不同,它使用股票市场指数水平数据得出有争议的结论,我们使用公司层面的股票回报数据来找到有力的证据,证明在新冠肺炎市场崩溃期间,符合伊斯兰教法的股票表现优于传统股票。更具体地说,我们发现,符合伊斯兰教法的股票价格对冠状病毒确诊病例的增加和政府社会距离措施的反应,负回报低于不符合伊斯兰教法的股票价格。总的来说,我们的发现表明,在新冠肺炎危机期间,符合伊斯兰教法的股票表现更好。
In this study, we extend the recently heated debate that compares the performance of Shariah compliant equities with their non-Shariah compliant counterparts especially during the Covid-19 shock. Unlike the existing literature, which uses stock market index level data to reach controversial conclusions, we use firm-level stock returns data to find robust evidence that Shariah compliant stocks outperformed their conventional counterparts during the Covid-19 market meltdown. More specifically, we find that the prices of Shariah compliant stocks reacted to the increase in Coronavirus confirmed cases and government social distancing measures with lower negative returns than the prices of non-Shariah compliant stocks. Overall, our findings imply that Shariah compliant stocks fared better during the Covid-19 crisis episode.